If you're carrying a credit card balance from month to month, you may be surprised to see exactly how much of your monthly payment is going toward interest. With the average credit card APR hovering above 21%, carrying a card balance is extremely expensive now due to compounding interest. And, unlike other types of borrowing, credit card rates are less likely to be impacted by changes to the wider rate environment. So, it's likely that card APRs will stay elevated for now, even as inflation cools and the Federal Reserve hints at future rate cuts.

But those high rates can be tough, especially for those who are stuck relying on credit cards to manage their everyday expenses or emergencies. And, while many assume the only way to get a better rate is to apply for a new card with a lower introductory rate, not everyone wants another hard credit inquiry or a new account on their credit report, nor do they want the temptation that accompanies fresh spending power. 

The good news is, though, that you may not need a new card to secure a lower rate. There are strategies you can use to lower your interest rate with the card you already have, no switching required. 

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5 ways to get lower credit card interest rates without switching cards

Here's how to potentially slash your interest rates using strategies that work with the cards already in your wallet:

Call and ask directly

The most straightforward approach to getting a lower rate is often the most effective, so it may benefit you to simply call your card issuer and ask about lowering your interest rate. You may be surprised to find that this type of simple, direct request can yield results, as customer service representatives are often able to offer rate reductions on the spot for customers with good payment histories.

When you call, be prepared to explain why you deserve a lower rate. Have your account history ready, and mention how long you've been a customer and your payment history since opening the account. And, if the first person you speak with can't help, ask to speak with a supervisor or someone in the retention department, as these departments typically have more authority to make rate adjustments.

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Get lower rates with a debt management plan

If you're struggling with multiple credit card balances, enrolling in a debt management plan through a credit counseling agency can help you secure lower interest rates across all your cards. These plans work by having the credit counseling agency negotiate directly with your creditors to lower your rates and fees on your behalf.

Credit card companies often have pre-negotiated rates for customers enrolled in legitimate debt management plans, which can sometimes be as low as 6% to 10% APR. The catch is that you'll typically need to close the cards and make fixed monthly payments through the counseling agency until your balances are paid off. 

Use temporary hardship programs

If you're experiencing financial difficulties, many card companies offer credit card hardship programs that can lower your interest rate for a specific period. These programs typically offer reduced APRs, lower minimum payments or payment deferrals and are designed to help customers get through tough times while keeping their card accounts in good standing.

While these temporary solutions typically last between six months to a year, they can still provide crucial breathing room to get your finances back on track. Just be honest about your situation during the process, as facing a legitimate financial hardship will often help you qualify for these programs.

Leverage an improved credit score

If your credit score has improved since you first opened your card, you generally have strong grounds for requesting a lower rate. Credit card companies initially set your APR based on your creditworthiness at the time of application, but they don't automatically adjust it as your credit improves.

Before making your call, check your current credit score through your card issuer's app or website. If your score has increased by 50 points or more, you could have a compelling case for a rate reduction. Even smaller improvements can be worth mentioning, though, especially if you've paid off other debts or increased your income.

Mention competitive offers

Researching what other companies are offering can strengthen your negotiating position, even if you don't plan to switch cards. So, spend some time looking at current promotional rates and offers from competing card issuers, particularly those targeting customers with credit profiles similar to yours.

When you call, mention that you've received offers for lower rates elsewhere but would prefer to stay with your current card. Be specific, as saying things like "I've been offered 15.9% APR by another company" generally carries more weight than vague references to "better offers." Don't threaten to cancel your card outright, though, as that can backfire. Instead, frame it as a preference to remain loyal.

The bottom line

You don't always have to jump through hoops to get a lower credit card interest rate. While switching cards can offer benefits like intro 0% balance transfer offers, there are plenty of ways to reduce the cost of borrowing with your existing card. From making a quick call to your issuer to improving your credit profile, these steps can help you save money on interest without adding another card to your wallet.

Credit card companies aren't likely to offer a lower rate unprompted, though. They're often more willing to work with customers who ask — especially those with strong payment histories or improving credit — so you'll need to be proactive. But by making a few smart moves now, it could translate into big savings down the road.